View ValuationMynd.ai 将来の成長Future 基準チェック /06現在、 Mynd.aiの成長と収益を予測するのに十分なアナリストの調査がありません。主要情報n/a収益成長率n/aEPS成長率Consumer Services 収益成長14.0%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジNone最終更新日n/a今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesお知らせ • May 02Mynd.ai, Inc. announced delayed 20-F filingOn 04/30/2026, Mynd.ai, Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC.New Risk • Mar 15New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$21.4m market cap).お知らせ • Feb 07Mynd.ai, Inc. Announces Board of Directors Changes , Effective February 2, 2026Mynd.ai, Inc. announced that effective February 2, 2026, Dr. John Quelch and Dr. Tarek Shawki resigned from the board of directors of Mynd.ai, Inc. Dr. Quelch's resignation follows his decision to focus on other professional commitments. Dr. Shawki is stepping down to pursue other opportunities and also focus on other professional commitments.New Risk • Feb 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$22.0m market cap).お知らせ • Nov 18Promethean Brand Advances AI Strategy with Launch of Augment Me, Inc Integration in Explain Everything®Mynd.ai, Inc. announced the upcoming launch of a new AI-powered integration with Augment Me Inc. within the Explain Everything® platform. Scheduled for release in December 2025, this integration marks a major milestone in Promethean's AI go-to-market strategy and reinforces its commitment to delivering immersive, intelligent learning experiences that empower educators with near real-time insights and personalized support. Launching next month, the integration introduces Augment Me's advanced artificial intelligence capabilities directly into the classroom, transforming traditional digital whiteboarding into a dynamic, personalized learning experience. Educators will gain near real-time insights into student engagement and cognitive readiness--without the need for additional logins or setup--making it easier than ever to tailor instruction and support individual learning needs. Key Features: Seamless integration within Explain Everything with no additional login or setup required. Near real-time analysis of attention, engagement, and cognitive readiness. Actionable recommendations for improved focus, well-being, and time management. Adaptive feedback tailored to each session. Initially available to Explain Everything Advanced users, with expanded functionality in future releases. This launch underscores Mynd's strategic commitment to delivering greater customer value and enriching the learning experience within Promethean's software ecosystem--ActivSuite™ and Explain Everything to transform how educators engage with technology. By integrating intelligent capabilities, Promethean enhances classroom mobility, flexibility, and control, while opening new pathways for personalized, insight-driven instruction. Together, these innovations continue to position Mynd.ai at the forefront of educational transformation, with Promethean delivering intuitive tools that help educators save time, gain deeper insights, and foster more meaningful student engagement.お知らせ • Sep 09Mynd.ai, Inc. (NYSEAM:MYND) completed the acquisition of Merlyn Mind, Inc.Mynd.ai, Inc. (NYSEAM:MYND) entered into a definitive agreement to acquire Merlyn Mind, Inc. on August 26, 2025. Mynd.ai, Inc. (NYSEAM:MYND) completed the acquisition of Merlyn Mind, Inc. on September 9, 2025.Reported Earnings • Aug 28First half 2025 earnings released: US$0.63 loss per share (vs US$1.03 loss in 1H 2024)First half 2025 results: US$0.63 loss per share (improved from US$1.03 loss in 1H 2024). Revenue: US$89.3m (down 39% from 1H 2024). Net loss: US$28.9m (loss narrowed 39% from 1H 2024).New Risk • Aug 27New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$32.8m market cap).New Risk • May 08New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 35% over the past year. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$33.2m market cap).お知らせ • Apr 10Mynd.ai, Inc. Announces Chief Executive Officer Changes, Effective April 11, 2025Mynd.ai, Inc. announced that Vin Riera, Chief Executive Officer, will be stepping down from his role as CEO effective April 11, 2025, after eight years of exceptional leadership in the role. He has also resigned as a member of the Company’s Board of Directors. Arthur Giterman, Mynd's current Chief Financial Officer, has been appointed as the Company's new Chief Executive Officer and a member of the Board, effective April 11, 2025. Mr. Giterman will continue to serve as Chief Financial Officer and will work with the Board to evaluate a potential successor. Riera joined the company in 2017. Under his leadership, the Company attained a market-leading position by accelerating digital innovation. Giterman joined the company in 2023 as the CFO and played a pivotal role in driving the company's strategic direction and taking the Company public a little over a year ago.Reported Earnings • Mar 26Full year 2024 earnings released: US$2.29 loss per share (vs US$0.86 loss in FY 2023)Full year 2024 results: US$2.29 loss per share (further deteriorated from US$0.86 loss in FY 2023). Revenue: US$267.4m (down 35% from FY 2023). Net loss: US$104.5m (loss widened 182% from FY 2023).New Risk • Mar 16New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 29% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$38.8m market cap).New Risk • Nov 27New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue has declined by 29% over the past year. Minor Risk Market cap is less than US$100m (US$81.7m market cap).お知らせ • Oct 21Mynd.ai, Inc. (NYSEAM:MYND) announces an Equity Buyback for $10 million worth of its shares.Mynd.ai, Inc. (NYSEAM:MYND) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its American depositary shares (“ADSs”) and/or ordinary shares as market conditions and the Company’s liquidity warrant.お知らせ • Oct 10Strategic Global Group Holdings Pte Ltd and Koh Chew Chee acquired 85% stake in Global Eduhub Holding Limited from Mynd.ai, Inc. (NYSEAM:MYND) for $20 million.Strategic Global Group Holdings Pte Ltd and Koh Chew Chee acquired 85% stake in Global Eduhub Holding Limited from Mynd.ai, Inc. (NYSEAM:MYND) for $20 million on October 2, 2024. Strategic Global Group Holdings Pte Ltd and Koh Chew Chee completed the acquisition of 85% stake in Global Eduhub Holding Limited from Mynd.ai, Inc. (NYSEAM:MYND) on October 2, 2024.Reported Earnings • Aug 29First half 2024 earnings releasedFirst half 2024 results: US$1.04 loss per share. Net loss: US$47.7m (flat on 1H 2023).New Risk • Aug 08New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: US$93.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 29% over the past year. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$93.6m market cap).Board Change • Apr 24High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Joel A. Getz is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. このセクションでは通常、投資家が会社の利益創出能力を理解する一助となるよう、プロのアナリストのコンセンサス予想に基づく収益と利益の成長予測を提示する。しかし、Mynd.ai は十分な過去のデータを提供しておらず、アナリストの予測もないため、過去のデータを外挿したり、アナリストの予測を使用しても、その将来の収益を確実に算出することはできません。 シンプリー・ウォール・ストリートがカバーする企業の97%は過去の財務データを持っているため、これはかなり稀な状況です。 業績と収益の成長予測NYSEAM:MYND - アナリストの将来予測と過去の財務データ ( )USD Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数6/30/2025210-86-40-33N/A3/31/2025239-95-25-16N/A12/31/2024267-104-91N/A9/30/2024292-87-62N/A6/30/2024336-71-43N/A3/31/2024374-55-60N/A12/31/2023412-39-7-2N/A12/31/202258533-7-5N/A12/31/20214487-23-22N/Aアナリストによる今後の成長予測収入対貯蓄率: MYNDの予測収益成長が 貯蓄率 ( 3.5% ) を上回っているかどうかを判断するにはデータが不十分です。収益対市場: MYNDの収益がUS市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です高成長収益: MYNDの収益が今後 3 年間で 大幅に 増加すると予想されるかどうかを判断するにはデータが不十分です。収益対市場: MYNDの収益がUS市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: MYNDの収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。一株当たり利益成長率予想将来の株主資本利益率将来のROE: MYNDの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YConsumer-services 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/06 10:19終値2026/05/06 00:00収益2025/06/30年間収益2024/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Mynd.ai, Inc. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
お知らせ • May 02Mynd.ai, Inc. announced delayed 20-F filingOn 04/30/2026, Mynd.ai, Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC.
New Risk • Mar 15New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$21.4m market cap).
お知らせ • Feb 07Mynd.ai, Inc. Announces Board of Directors Changes , Effective February 2, 2026Mynd.ai, Inc. announced that effective February 2, 2026, Dr. John Quelch and Dr. Tarek Shawki resigned from the board of directors of Mynd.ai, Inc. Dr. Quelch's resignation follows his decision to focus on other professional commitments. Dr. Shawki is stepping down to pursue other opportunities and also focus on other professional commitments.
New Risk • Feb 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$22.0m market cap).
お知らせ • Nov 18Promethean Brand Advances AI Strategy with Launch of Augment Me, Inc Integration in Explain Everything®Mynd.ai, Inc. announced the upcoming launch of a new AI-powered integration with Augment Me Inc. within the Explain Everything® platform. Scheduled for release in December 2025, this integration marks a major milestone in Promethean's AI go-to-market strategy and reinforces its commitment to delivering immersive, intelligent learning experiences that empower educators with near real-time insights and personalized support. Launching next month, the integration introduces Augment Me's advanced artificial intelligence capabilities directly into the classroom, transforming traditional digital whiteboarding into a dynamic, personalized learning experience. Educators will gain near real-time insights into student engagement and cognitive readiness--without the need for additional logins or setup--making it easier than ever to tailor instruction and support individual learning needs. Key Features: Seamless integration within Explain Everything with no additional login or setup required. Near real-time analysis of attention, engagement, and cognitive readiness. Actionable recommendations for improved focus, well-being, and time management. Adaptive feedback tailored to each session. Initially available to Explain Everything Advanced users, with expanded functionality in future releases. This launch underscores Mynd's strategic commitment to delivering greater customer value and enriching the learning experience within Promethean's software ecosystem--ActivSuite™ and Explain Everything to transform how educators engage with technology. By integrating intelligent capabilities, Promethean enhances classroom mobility, flexibility, and control, while opening new pathways for personalized, insight-driven instruction. Together, these innovations continue to position Mynd.ai at the forefront of educational transformation, with Promethean delivering intuitive tools that help educators save time, gain deeper insights, and foster more meaningful student engagement.
お知らせ • Sep 09Mynd.ai, Inc. (NYSEAM:MYND) completed the acquisition of Merlyn Mind, Inc.Mynd.ai, Inc. (NYSEAM:MYND) entered into a definitive agreement to acquire Merlyn Mind, Inc. on August 26, 2025. Mynd.ai, Inc. (NYSEAM:MYND) completed the acquisition of Merlyn Mind, Inc. on September 9, 2025.
Reported Earnings • Aug 28First half 2025 earnings released: US$0.63 loss per share (vs US$1.03 loss in 1H 2024)First half 2025 results: US$0.63 loss per share (improved from US$1.03 loss in 1H 2024). Revenue: US$89.3m (down 39% from 1H 2024). Net loss: US$28.9m (loss narrowed 39% from 1H 2024).
New Risk • Aug 27New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$32.8m market cap).
New Risk • May 08New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 35% over the past year. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$33.2m market cap).
お知らせ • Apr 10Mynd.ai, Inc. Announces Chief Executive Officer Changes, Effective April 11, 2025Mynd.ai, Inc. announced that Vin Riera, Chief Executive Officer, will be stepping down from his role as CEO effective April 11, 2025, after eight years of exceptional leadership in the role. He has also resigned as a member of the Company’s Board of Directors. Arthur Giterman, Mynd's current Chief Financial Officer, has been appointed as the Company's new Chief Executive Officer and a member of the Board, effective April 11, 2025. Mr. Giterman will continue to serve as Chief Financial Officer and will work with the Board to evaluate a potential successor. Riera joined the company in 2017. Under his leadership, the Company attained a market-leading position by accelerating digital innovation. Giterman joined the company in 2023 as the CFO and played a pivotal role in driving the company's strategic direction and taking the Company public a little over a year ago.
Reported Earnings • Mar 26Full year 2024 earnings released: US$2.29 loss per share (vs US$0.86 loss in FY 2023)Full year 2024 results: US$2.29 loss per share (further deteriorated from US$0.86 loss in FY 2023). Revenue: US$267.4m (down 35% from FY 2023). Net loss: US$104.5m (loss widened 182% from FY 2023).
New Risk • Mar 16New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 29% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$38.8m market cap).
New Risk • Nov 27New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue has declined by 29% over the past year. Minor Risk Market cap is less than US$100m (US$81.7m market cap).
お知らせ • Oct 21Mynd.ai, Inc. (NYSEAM:MYND) announces an Equity Buyback for $10 million worth of its shares.Mynd.ai, Inc. (NYSEAM:MYND) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its American depositary shares (“ADSs”) and/or ordinary shares as market conditions and the Company’s liquidity warrant.
お知らせ • Oct 10Strategic Global Group Holdings Pte Ltd and Koh Chew Chee acquired 85% stake in Global Eduhub Holding Limited from Mynd.ai, Inc. (NYSEAM:MYND) for $20 million.Strategic Global Group Holdings Pte Ltd and Koh Chew Chee acquired 85% stake in Global Eduhub Holding Limited from Mynd.ai, Inc. (NYSEAM:MYND) for $20 million on October 2, 2024. Strategic Global Group Holdings Pte Ltd and Koh Chew Chee completed the acquisition of 85% stake in Global Eduhub Holding Limited from Mynd.ai, Inc. (NYSEAM:MYND) on October 2, 2024.
Reported Earnings • Aug 29First half 2024 earnings releasedFirst half 2024 results: US$1.04 loss per share. Net loss: US$47.7m (flat on 1H 2023).
New Risk • Aug 08New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: US$93.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 29% over the past year. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$93.6m market cap).
Board Change • Apr 24High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Joel A. Getz is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.